Application of Logit Models in Racetrack Data

Victor S. Y. Lo
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Victor S. Y. Lo: Faculty of Commerce and Business Administration, University of British Columbia, Canada

Chapter 31 in Efficiency of Racetrack Betting Markets, 2008, pp 307-314 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractRecent studies in racetrack market often deal with analyses of bet fractions, estimations of win probabilities and ordering probabilities. The logit model is a common way of statistical modelling of probabilities. This paper discusses and summarizes the possible applications of logit models in racetrack market analyses with win bet and exotic bets. In addition, we illustrate the application of logit model and how to apply the likelihood-based arguments to compare the accuracies of different sources of information using a real data set. The logit model may be more extensively used in racetrack market analyses.

Keywords: Racetrack Efficiency; Racetrack Betting Market; Racetrack Betting; Win Market; Finance (search for similar items in EconPapers)
Date: 2008
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